It's scary what's happening there. I know it's a pretty much unknown small island that most people have not been to but they are a Republic like us and have insured bank accounts just like us.

The latest bail out plan is to seize up to 40% of people accounts above 100,000 Euro's. They are pretty sure they do not have to seize accounts below 100,000 Euro's but that isn't completely off the table. The banks have been closed for a week so people cannot withdraw their money and there is not a date yet when they are scheduled to re-open.

Local businesses are saying they will only accept cash as their suppliers will not accept credit cards.

How can there not be a run on the banks as soon as they open back up? Who would ever trust their banking industry again?

there will be a limit on how much they can take out.
no one will ever trust their banks again! they will be bankrupt in no time.
most of the accounts over the 130k euro mark are russian mafia accounts.
cyprus was a place to launder russian mob money. very sheltered, and tax friendly. i bet the russian mobsters kill a few bankers for this!

they are screwed, and will be broke in no time.
they will be the first to leave the eurozone.
it will screw up the eurocentral bank, and screw the world economy some.